There are home renovations that can yield a good return on investment. This is especially true for an old house or one that you inherited and might not be interested in keeping.
If you decided to use the conventional selling route of having it listed by a real estate agent, you might have to embark on some renovation projects that might need a substantial budget. Luckily, you can always sell your property to cash home buyers instead of attempting the following remodeling projects.
1. An Extensive Kitchen Remodel
Homebuyers usually take time to explore the kitchen before deciding on purchasing. A minor remodeling effort is often worth the money you invest.
But an extensive renovation is likely to accrue significant losses. It is estimated that such a project can cost more than $65,000. It can raise the resale value of the property by about $27,000. With such a low return on your investment, you should consider working with cash home buyers instead.
2. A Bathroom Addition
An average bathroom addition could have a budget of close to $50,000. It could be even more than that if you are adding a luxury bathroom. The problem with this type of renovation is that it doesn’t increase the home value by much. It is not the best option if you are looking to sell a home fast without taking losses.
3. A High-End Master Suite
A high-end master suite can be an exciting project for homeowners. You can create an extra space with privacy that is also elegant and cozy. But this project is one of the most expensive renovations you can make for your home.
You may need to add a gas fireplace, a custom storage space, and a bar with a microwave and refrigerator. The project can end up incurring more than $200,000. If you are looking to sell the house fast, a better alternative would be cash home buyers.
4. Going for Metal Roofing Replacement
Metal roofing is energy-efficient and durable. They can last between 40 and 70 years, reducing cooling costs by between 10 and 20%. However, metal roofing requires a quality installation to uphold its strength and durability.
You will have to install an ice barrier membrane to prevent water accumulation. The metal sheets have to be airtight after assembly, which requires a professional with the requisite experience. Therefore, metal roofing replacement is one of the renovation projects to avoid if you’re looking to sell a house fast.
5. Creating a Backyard Patio
A backyard patio can enhance your home’s curb appeal and make the outdoor space more usable. It can increase your home value and is an essential feature that would interest many homebuyers.
However, the problem with a patio is that it will hardly get a return on investment. Estimates suggest that the cost of the project can be over $50,000 compared to $30,000 of the resale value. The project can be ideal for homeowners looking to enhance the outdoor space. But it is bound to generate losses for real estate investors.
Sell Your Home for Cash Today
Renovations can be tricky for homeowners, especially when they are looking to sell their homes quickly for cash. Remodeling is a time-consuming endeavor, and many things can go wrong. Cash home buyers offer an alternative to avoid unnecessary losses and time delays.